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Below Key Average
BTC: Price: $9,500 | MCAP: $169.17 billion | 24-Hr Volume: $14.83 billion
Short-term trend: Bearish
Bitcoin is looking south with prices trading below the key 50-day moving average for the sixth straight day.
Further, the 21- and 50-day moving averages (MAs) are set to produce a bearish crossover for the first time since February. The 14-day relative strength index is also reporting bearish conditions with a below-50 print.
So, a fall back to $9,000 looks likely. The bearish case would weaken if prices print a UTC close above $9,634 on Bitstamp, validating Sunday's long-tailed candle. That said, a bullish reversal would be confirmed if and when prices violate the bearish lower highs setup with a UTC close above $11,100.
Long-term trend: Bullish
Bitcoin closed last month with 25.89 percent gains, confirming a five-month winning streak, which is the longest since 2017.
With the double-digit gains, the cryptocurrency further cemented the falling channel breakout witnessed in April. The 5- and 10-month moving averages are trending north, indicating a bullish setup. As a result, the path of least resistance is to the higher side, more so, as the cryptocurrency is set to undergo mining reward halving sometime in May 2020.
Hence, investors may view any pullback to levels near $8,000, as just another chance to get involved in the bull market.
The outlook will remain bullish as long as prices are held above the 200-day moving average, currently lined up just below $6,000.
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NANO Storm Brewing NANO: Price: $1.40 | MCAP: $82.4 million | 24-Hr Volume: $11.4 million
Short-term trend: Bullish
NANO is forming what appears to be an inverse head and shoulders pattern on the 12-hour chart (albeit not textbook), typically signaling a reversal to a particular downward trend.
Up 8.58 percent on the day, NANO has room for further growth should a firm close above $1.40 (inverse H&S neckline) occur, bringing its price closer to the 61.8 percent Fibonacci extension (not shown) at $1.49 for an 7.5 percent gain in value.
Long-term trend: Bullish
Having recovered from a deep pullback to $0.86 on July 16, NANO has risen 60 percent over a 2 week period and shows a potential for continuation based on some of the strongest levels of volume seen since April 8, 2019.
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| Another Stumble...What's NEXT? NET: Price: $1.51 | MCAP: $75.9 million | 24-Hr Volume: $10.9 million
Short-term trend: Bearish
NET is down a further 2.75 percent on the day after setting a new local lower low further adding to the increasing potential for greater drawdown in the coming days as evidenced by the supporting daily volume.
The RSI has also dropped below 50, hinting toward a flip in favor of the bears in the short-term coupled with ticks down toward neutral 0 on the awesome oscillator histogram bars demonstrating increased bearish pressure.
Long-term trend: Bullish
The trend long-term remains bullish above $1.35 (prior low) with the only threat to the bulls coming from a firm close beneath that zone. Regardless, the pressure is now firmly back on the bulls with an onus to close above neutral 50 on the daily RSI and reduce further concessions to the bears.
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Bitcoin is all set to confirm a bull market indictor on the three-day chart.
The 50-candle moving average (MA) of bitcoin’s price is fast approaching the 200-candle MA and the former appears on track to cross above the latter.
That would be the first golden crossover, a bull market sign, since early February 2016.
Back then, BTC was trading around $360 – a level which was never put to test following the confirmation of the crossover. In fact, BTC embarked on a 22-month journey to record high of $20,000 and through out the rally the 50-candle MA on the three-day chart served as a strong support.
So, if history is a guide, then BTC could pick up a strong bid following the confirmation of the crossover and hit record highs above $20,000 in the next 12 months.
As of writing, BTC is changing hands at $9,500 on Bitstamp, representing 0.21 percent drop on the day. The 50- and the 200-candle MAs are located at $7,296 and $7,407, respectively, as per the three-day chart.
Read: Bitcoin’s Price Charts Point to an Impending ‘Golden Cross’ |
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| Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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Golden Cross